Video on Checklist for effectively implementing the AML Program

Video on Checklist for effectively implementing the AML Program

Registering on the go-AML portal of the UAE FIU is the main prerequisite under the AML framework. It is imperative for the regulated entity to verify that the business facts and information accessible on the go-AML site are up to date.

Having an AML Compliance Officer capable of framing and implementing AML rules and procedures is the second critical component required to drive the AML program.

To determine the appropriate controls needed to reduce the detected risk and evaluate the possible exposure to financial crime risks, regulated entities must conduct an enterprise-wide risk assessment.

The regulated entities have to make sure that the team uses a thorough Customer Due Diligence procedure when they are forming business relationships and onboarding a customer. Another essential component of the AML program is targeted financial sanctions implementation, and customer and beneficial owner screening.

The AML Compliance officer and the team need to be familiar with the ML FT red flags that are unique to the business to develop internal procedures and properly detect and immediately report the risk indicators as well as submit the SAR or STR.

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